I just started having troubles with Premiere CS5.5 and the 'DroverLord' issue as well. Premiere is crashing at random with the error message "Sorry, a serious error has occurred that requires Premiere to shut down. We will attempt to save your current project" (or something along those lines). the 'DroverLord-Tab' process shows up in the task manager after each crash, which is new.

Thanks for all your helpful / non-helpful input to the original question! :-)

I can confirm that I have deleted my custom effect bins and the problem has disappeared. It seems that is the issue - Not sure what can be done about this, or how to report that to Adobe, but it definitely seems to have sorted it.